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Article: Booming market; HSBC retained its position as the GCC's leading arranger of loan and bonds in 2005. But increasing innovation by Gulf banks in their funding sources is enticing new international players to the market.(LOANS)(European Medium Term Note)(HSBC Holdings PLC contract with Gulf Cooperation Council)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- March 24, 2006
CopyrightCOPYRIGHT 2006 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Michael Tomalin, chief executive officer of National Bank of Abu Dhabi (NBAD), said proudly on 18 March, "This is one of the most innovative structures ever launched in the UAE market," announcing the successful placement of a AED 2,500 million ($681.2 million) subordinated convertible note. As the announcement highlighted, GCC institutions are demonstrating their growing sophistication by diversifying both the sources and structures of their longer-term funds, spurred by the desire to maximise return on equity and to participate in the booming market for long-tenor borrowing.
MEED's annual survey of financial institution (FI) loans and bonds illustrates clearly ...